It was expected that Kavita, KCR's daughter, would become the party leader in the Lok Sabha, but she could not retain her Nizamabad seat.
KCR's close aide B Vinod Kumar, who was the party's Deputy Leader in the Lok Sabha, also lost Karimnagar seat to Bandi Sanjay of the BJP.
KCR is yet to convene the parliamentary party meeting.
Nama Nageswar Rao, the winning candidate from Khammam constituency who joined TRS after leaving TDP, is considered a strong claimant to the post of floor leader. He was TDP's floor leader as well. However, many within the party are opposed to his elevation.
Kotha Prabhakar Reddy, who has won Medak parliamentary constituency for a second consecutive term, is also said to be in the reckoning. He has won the poll with a margin of over three lakh votes.
The name of Maloth Kavita, the party's only female MP and tribal leader who was elected from Mahaboobabad constituency, is also doing rounds for the key parliamentary slot.
According to sources, the decision is likely to be taken soon as KCR is expected to hold a meeting with the elected MPs within a few days.